METHUEN, MA-At least a dozen prospective buyers submitted offers, but it was a bid of $18.35 million by AEW Capital Management LP that bought the the keys to a 234,000-sf, fully occupied industrial building here. AEW bought the property on behalf of one of its institutional clients.
Gary Lemire of CB Richard Ellis/New England, tells GlobeSt.com that interest in the 14 Aegean Dr. property was particularly high because of the lack of land available in the area for industrial builds. "It's a supply constrained product. They liked that the building had all the bells and whistles that all large corporations are looking for … sprinkler systems, good truck access and turning ratios, and it was a modern and efficient building in terms of utility consumption."
Built in 2002, 14 Aegean Dr. is a fully occupied warehouse and distribution center that includes high bay industrial and distribution space. Its four tenants, including Mattress Giant and Mygrant Glass, have leases ranging from five to 10 years.
Lemire, along with Bruce Grean and David Connolly, all with CB Richard Ellis/New England handled the transaction for the seller, Boston Industrial/Aegean LLC, a joint venture of Atlantic Tambone and Cigna Insurance. CB Richard Ellis/New England brokerage team also procured the buyer.
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